*Arrow Commodity Strategy Fund's total expenses are capped by a contractual fee waiver at 2.00% for Class A, 2.75% for Class C and 1.75% for Class I, effective until at least November 30, 2015. Before reimbursement, the fund's fees are 2.38% for Class A, 3.13% for Class C and 2.13% for Class I. With acquired fund fees and expenses of 0.07%, the fund's total expenses are 2.45%, 3.20% and 2.20%, respectively.

Longview Extended Commodity Index and "LEX" are the property of Longview Funds Management LLC ("Longview"). Longview is not affiliated with Arrow Investment Advisors, LLC and does not sponsor or endorse the fund.

Definitions:Volatility (risk) is a measure of fluctuations based on the annualized standard deviation of monthly returns. Correlation is similarity in performance movement between two investments. Beta is the statistical measurement of an investment's return attributed to that of a financial market as a whole.

The Arrow Commodity Strategy Fund may not be suitable for all investors. The fund is new and has a limited performance record. The benchmark index performance shown is not intended to be used as a proxy for the fund. The fund may not replicate the exact performance of the benchmark because of fees, expenses, trading costs and portfolio tracking error of the underlying investments. The fund may invest in commodity-related securities, which may be subject to greater volatility than investments in traditional securities. The use of derivatives such as futures, options, structured notes, repurchase agreements and swap agreements may expose the fund to additional risks than investing directly in the underlying securities. Using derivatives with leverage can magnify gains or losses. Fixed income securities and derivatives may fluctuate with changes in interest rates. The fund may allocate assets to an offshore subsidiary which is not subject to the Investment Company Act of 1940. Changes in laws could result in the inability of the fund to operate as described in the prospectus. Performance may be affected by underlying costs associated with the subsidiary which are not directly reflected in the fund's expenses. The fund charges a fee of 1.00% on redemptions of shares held less than 30 days.

1889-NLD-12/28/2010

Investment Strategy
The fund seeks to provide investment results that match the performance of the Longview Extended Commodity Index (LEX).

Fund OverviewArrow Commodity Strategy Fund is a mutual fund that seeks to provide exposure to the commodity markets by targeting the returns of the Longview Extended Commodity Index (LEX). With lower turnover than many other commodity indexes, the fund's benchmark is designed to better reflect the long-term performance of broad-based commodity markets.

The Case for Commodities has become increasingly well known. Often referred to as an alternative asset class, commodities are now becoming fairly mainstream. With the ability to access exposure to the asset class through mutual funds, commodities have grown in popularity with investors. Some of the key reasons investors are turning to commodities are:

Diversification from stocks and bonds

Historically low correlation with traditional assets

A long-term track record of strong performance

A potential hedge against the risk of inflation

Participation in global growth and emerging economies

Index-based commodity funds often share many similar traits, but not all commodity indexes are created the same. Differences in portfolio allocation weights and the investment process can play a major role in performance variation. Some indexes seem to rely heavily on concentrated allocations with short-term trading activity. But the Arrow Commodity Strategy Fund's benchmark, the Longview Extended Commodity Index, uses a diversified and long-term approach.

Benchmark AnalysisIndex Exposure: The Longview Extended Commodity Index (LEX) provides broad-based commodity exposure across 6 major sectors, represented by 16 components. The components were chosen based on the fundamental characteristics of liquidity, economic relevance and long term viability. The weightings fluctuate based on the market price of the components, and therefore, reflect comparative changes across the commodity markets as a whole.

Before investing, please read the prospectus and shareholder reports to learn about the investment strategy and potential risks. Mutual fund investing involves risk including loss of principal. An investor should also consider the investment objective, charges, expenses, and risk carefully before investing. This and other information is contained in the prospectus, which can be obtained by calling 1-877-277-6933 or by clicking here. Please read the prospectus carefully before investing. Arrow Funds are distributed by Archer Distributors, LLC (member FINRA).